Does a firm have to be socially responsible to become a target in cross-border M&As: evidence from China

Xiang Ma, Xiaohui Xu and Mobing Jiang

Asia-Pacific Journal of Accounting & Economics, 2022, vol. 29, issue 6, 1417-1438

Abstract: Based on data from Chinese-listed firms from 2008 to 2016, we explore the impact of corporate social responsibility (CSR) on the likelihood of becoming a target in cross-border mergers and acquisitions (M&As). We find that CSR performance is positively associated with the firm’s likelihood of becoming a target in cross-border M&As, but this effect is significant only in higher competitive markets and for non-state-owned enterprises. Moreover, only high-quality CSR disclosure can improve the likelihood of becoming a M&A target. Therefore, the governments in emerging markets should guide listed companies to disclose high-quality CSR reports and propel the process of marketization.

Date: 2022
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DOI: 10.1080/16081625.2020.1847149

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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